Figure 1 2- a) What are the equilibrium price and equilibrium quantity in the market illustrated by Figure 1? c) Refer to Figure 1. What happens in the market when the price is $10 a unit, Explain? d)...

Figure 1

2- a) What are the equilibrium price and equilibrium quantity in the market illustrated by Figure 1?

    c) Refer to Figure 1. What happens in the market when the price is $10 a unit, Explain?

    d) Refer to Figure1.  What will happen in the market when the price is $4 a unit, Explain?

Extracted text: Price (dollars per unit) 10 8. 4 100 200 300 400 500 600 Quantity (units) ..... 2.